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Shenzhen Economy Ran Steadily and Grew at 8% YoY in the First Half of 2018

2018-08-03

  In the first half of this year, Shenzhen accelerated the construction of the socialist modernization pioneer zone with the main purpose of promoting supply-side structural reform, and the entire city's economy overall hummed along smoothly. According to the preliminary accounting and verification by the Guangdong Provincial Statistics Bureau, the city's GDP was RMB 1,100.938 billion in the first half of the year, an increase of 8.0% over the same period of the previous year (the same below) calculated at comparable prices.

  I.Economy generally ran smoothly

  In terms of industries, the added value of the primary industries was RMB 1.071 billion, up 10.9%; the added value of secondary industries was RMB 436.388 billion, up 7.6%; the added value of tertiary industries was RMB 663.479 billion, up 8.3%. The three-industry structure ratio was adjusted to 0.1:39.6:60.3 from 0.1:40.5:59.4 in the same period of the previous year.

  In terms of sectors, the added value of the agriculture, forestry, animal husbandry and fishery sector was RMB 1.113 billion, up 8.9%; the added value of the industrial sector was RMB 409.971 billion, up 7.3%; the added value of the construction sector was RMB 27.265 billion, up 12.0%; the value added of the wholesale and retail sector was RMB 107.746 billion, up 5.6%; the added value of the transportation, warehousing and postal sector was RMB 32.309 billion, up 5.8%; the added value of the accommodation and F&B sector was RMB 17.097 billion, up 3.1%; the added value of the financial sector was RMB 156.446 billion, up 4.8%; the added value of the real estate sector was RMB 97.517 billion, up 8.1%; and the added value of other service sectors was RMB 251.474 billion, up 13.1%.

  II. Main economic indicators performed well

  (I) Industrial growth rate declined and industrial structure continued to be optimized

  In the first half of the year, the added value of industrial enterprises above a designated size increased by 7.4%. From the perspective of major economic types, the added value of joint-stock enterprises increased by 9.0%, and the added value of foreign, Hong Kong, Macao and Taiwan funded enterprises increased by 3.9%. In terms of major sectors, seven industries among the top 10 grew rapidly. The computer, communications and other electronic equipment manufacturing sectors rose rapidly at a rate of 10.1%, the special equipment manufacturing sector rose by 9.7%, the automobile manufacturing sector rose by 35.1%, and the pharmaceutical manufacturing sector rose by 28.7%.

  In the first half of the year, the advanced manufacturing sector and the high-tech manufacturing sector increased by 10.7% and 9.9% respectively, which was faster than the growth rate of industrial enterprises above a designated size by 3.3 and 2.5 percentage points respectively.

  (II) Fixed asset investment growth was fast and industrial investment growth accelerated

  In the first half of the year, the city's fixed asset investment recorded a growth of 22.0%. Among them, real estate development investment increased by 16.7%, while non-real estate development investment increased by 26.4%. In terms of industry categories, investment in secondary industries increased by 27.3%, while investment in tertiary industries increased by 21.0%. From the perspective of major sectors, industrial investment increased by 28.0%, of which industrial technology transformation investment increased by 8.8%. From the perspective of major economic entities, private investment increased by 17.4%, accounting for 50.0% of the total fixed asset investment.

  In the first half of the year, the city’s sales area of commercial housing increased by 12.3%.

  (III) The total retail sales of social consumer goods grew steadily, and the consumption of upgraded goods rose rapidly.

  In the first half of the year, the city's total retail sales of social consumer goods reached RMB 285.597 billion, an increase of 8.4%. Among them, the retail sales of the wholesale and retail sector were RMB 252.776 billion, up 8.6%; the retail sales of the accommodation and F&B sector were RMB 32.821 billion, up 7.5%. Among the major goods retail categories, the retail sales of consumption upgraded goods such as automobiles, household appliances and audio equipment, and communication equipment rose by 14.7%, 11.2%, and 48.3% respectively. The retail sales of goods realized via the Internet increased by 31.8%.

  In the first half of the year, the city's total retail sales of goods hit RMB 1,538.87 billion, an increase of 12.9%. Among them, total sales of the wholesale and retail sector were RMB 1,286.244 billion, an increase of 13.8%. Nine categories of the top 10 categories of goods saw positive sales growth, of which two categories experienced double-digit growth.

  (IV) The service sectors above a designated size grew rapidly and the Internet and related service industries grew well

  From January to May, the city's service sectors above a designated size (excluding finance, real estate development, wholesale and retail) achieved operating income of RMB 417.15 billion, up 19.9%, of which the for-profit service sectors above a designated size realized operating income of RMB 217.36 billion, up 23.0%. In the for-profit service sectors above a designated size, the Internet and related services sector increased by 37.3%, the software and information technology service sector increased by 16.7% and the leasing and business service sector increased by 16.5% in terms of operating income.

  (V) The total volume of imports and exports increased steadily and the growth rate of exports declined

  According to customs statistics, the city’s total volume of imports and exports was RMB 1,351.909 billion and rose by 10.5% in the first half of the year, a YoY increase of 5.2 percentage points. The total volume of imports was RMB 721.432 billion, down 1.7%, and the total volume of imports was RMB 630.477 billion, up 28.8%.

  (VI) Financial situation exhibited good momentum

  In the first half of the year, the city's general public budget revenue was RMB 199.791 billion, an increase of 8.2%, of which tax revenue was RMB 166.367 billion, an increase of 13.3%; the general public budget expenditure was RMB 208.366 billion, down 13.0%.

  As of the end of June, the city’s balance of domestic and foreign currency deposits held by financial institutions (including foreign capital) was RMB 7,122.594 billion, up 4.7%; the city’s balance of domestic and foreign currency loans by financial institutions (including foreign capital) was RMB 5,051.212 billion, up 16.3%.

  III. Strategic emerging industries and new enterprises continued to grow

  (I) Seven strategic emerging industries grew steadily

  In the first half of the year, the added value of the seven strategic emerging industries was RMB 414.604 billion, up 8.3% calculated according to comparable prices, which was 0.3 percentage points higher than the GDP growth rate. The added value of the next-generation information technology industry was RMB 211.199 billion, up 9.6%; the added value of the digital economy industry was RMB 64.579 billion, up 6.9%; the added value of the high-end equipment manufacturing industry was RMB 46.658 billion, up 6.9%; the value added of the green low-carbon industry RMB 44.405 billion, up 14.4%; the value added of the marine economic industry was 19.396 billion, down 16.9%; the value added of the new materials industry was RMB 14.175 billion, up 8.8%; the value added of the biomedical industry was RMB 14.192 billion, up 23.8%.

  (II) New enterprises added grow momentum

  The growth rate of new enterprises in various industries exceeded 20%. New industrial enterprises above a designated size achieved an added value of RMB 37.329 billion, an increase of 130.9%; the new wholesale enterprises above a designated limit achieved a sales volume of RMB 174.827 billion, an increase of 29.8%; the new retail enterprises above a designated limit achieved a sales volume of RMB 21.352 billion, an increase of 39.0%; the new accommodation enterprises above a designated size achieved a turnover of RMB 962 million, an increase of 39.7%; the new F&B enterprises above a designated limit achieved a turnover of RMB 1.709 billion, an increase of 44.9%; and the new service enterprises above a designated size recorded operating income of RMB 47.22 billion, an increase of 28.8%.

  In general, Shenzhen’s economy was generally stable in the first half of the year, and the main economic indicators performed well. However, it is necessary to take note that the uncertain factors in the international environment have increased, and the business environment of enterprises needs to be optimized. In the next stage, we must follow the work plan of the municipal party committee and municipal government, adhere to the general tone of making progress while remaining stable, deepen the supply-side structural reform, focus on the goal of "four major leading cities in the country", and concentrate on promoting the sustained and healthy development of the city's economy.

   
Record No:Guangdong ICP 05017767 Invest Shenzhen,All rights reserved. Technical support:Shenzhen Municipal E-Government Resources Center